Not every real estate transaction is going to close escrow. Things happen, like buyers changing their minds, loosing their jobs, or simply winning the lottery and moving to Maui. As a seller, it’s important to be prepared for the potential cancelation of an escrow. More importantly, it’s crucial that the listing agent have a plan for this situation.
Part one of the plan to cultivate backup options is to price the property correctly. This allows the seller to negotiate with more than one party. An over priced listing will not allow a seller to play the field in search of the best qualified buyers. If there is no field, then there are no backups!
Part two of plan as a listing agent is to have backup viable options. It’s important to stay on good terms with the buyers and agents who did not get their offers accepted. By the way, this is not easy. Buyers become emotionally invested in the property they’ve offered on. Letting those that didn’t get their offer accepted know that they’re your first call if the current deal falls apart is critical. On the same note, a good buyer’s agent who didn’t their offer accepted will stay in touch with the listing agent. It’s important for the buyer’s agent to stay top of mind.
Part three of the plan is to avoid going back on the market. We don’t want to go back to the market unless we have to do so. A backup buyer will think they’re getting the inside track and an exclusive chance at getting back in on the property. Once you’re back on the market you’ll loose that critical leverage.
We work all day and every day to make sure that our clients transactions close. Take advantage of our expertise and ensure you have a plan B.